Let's celebrate the accomplishments and rich culture of women in the United States
March of each year commemorates the achievements of women, both historically and contemporary.
As a member of the Financial Services Industry there is much we can do to support women as they approach retirement. Women have unique issues due to work history and longevity.
As it relates to longevity, the Social Security Administration reports that once a woman turns 65, her average life expectancy is 86.6 years while a man’s is 84.3. This extended life expectancy results in significantly more dollars spent on health care according to HHS.
Additionally, the average woman in the workforce earns 20% less than her male counterpart. For every percent of income saved by a man, a woman must save more than 20% more just to achieve the same level of savings. Many women take time off to raise children or care for aging parents resulting in the need for even higher savings in later years. The impact of this is lower 401(k) or retirement balances and lower Social Security income. Coupling this with greater longevity results in increased retirement stressors.
As advisors, we can help women approach their unique circumstances in a helpful and productive fashion to maintain a proper course of action and to get them to their goals.